This pencil fob probably once hung from a chatelaine, which is a now-obsolete accessory that women would attach to their dresses, belts, or necklaces to keep everyday objects at the ready. Ladies would hold all kinds of things on chatelaines: vinaigrettes for smelling salts, tiny sewing kits in silver containers, or some sort of writing implement like this neatly camouflaged gold pencil adorned with a ruby and diamond clover.